In a report published Wednesday, Wunderlich Securities analyst Merrill Ross downgraded Agree Realty ADC from Buy to Hold, but raised the price target from $32.00 to $34.00.
In the report, Wunderlich Securities noted, “We are raising our price target from $32 to $34, but lowering our rating on Agree Realty Corporation (ADC) from Buy to Hold. We believe the stock is nearing full valuation. ADC's 2Q13 results were ahead of expectations, but external growth will likely slow down in the back half of the year until the valuation gap between buyers and sellers of net leased retail real estate narrows. While acquisitions have been highly accretive to ADC's valuation recently, we anticipate little activity for several quarters and recommend investors take some chips off the table, leading us to our ratings change.”
Agree Realty closed on Tuesday at $32.05.
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